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Price Signal Summary - Gold Bull Cycle Opens $1900.6

OUTLOOK
  • On the commodity front, Gold rallied sharply higher last week and the yellow metal has traded higher today. Resistance at $1858.3, the Mar 6 high has been cleared. This signals scope for an extension towards $1900.6, 61.8% of the Feb 2 - 28 sell-off and a key near-term resistance. On the downside, initial firm support is seen at $1844.3, the 50-day EMA. A break of this level is required to instead signal a top - this would expose the bear trigger at $1804.9. Feb 28 low.
  • In the Oil space, a sharp sell-off in WTI futures last week has defined a key resistance at $80.94, Feb 7 high. A break of this hurdle is required to reinstate the recent bullish theme that would open $82.89, the Jan 23 high and a key resistance. The contract remains vulnerable and sights are on $73.80, the Feb 22 low. A breach of this level would strengthen a bearish threat. Initial resistance is seen at $78.06, the Mar 9 high.
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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